The cost of crude oil and refined product have risen and therefore fuel prices have increased. The cost of crude oil and refined product are influenced by a number of factors, such as increasing oil demand, limits in refining capacity, seasonal demand for product and extreme weather events that have affected refineries or fuel supplies.

Higher crude prices have contributed to company revenues, but oil industry profit margins have been in line with those of other industries.

Furthermore, energy companies need to continually invest billions of dollars each year, over the long term, to safeguard the future of their business and to ensure a sustainable energy supply for consumers. Producing crude oil involves long-term and high-risk projects requiring billions of dollars investment over 20-30 years (developing a single new oil field can cost over $1 billion). Higher profits in some periods help safeguard investments when oil prices, and hence profits, are lower at other times.

No. Shell only produces around 3% of the world's oil. The majority of the crude oil that is used in our refineries to make finished fuel products is bought on the open market. The price of crude oil is influenced primarily by: